Metamorphic Ventures closes second fund on nearly $70m


new york 5_sqMetamorphic Ventures has raised almost $70m for its second fund, making it much larger than the New York-based seed-stage investor’s $20m debut vehicle.

The firm said that with the new fund, it will continue to invest in seed-stage companies, while also participating in its portfolio companies’ next rounds and investing in “select new opportunities” after the seed round.

“We believe there is a very big gap in the market after the seed round and before the company raises a much larger round,” the firm said in a blog post.

In July last year AltAssets reported that the fund, which at the time was targeting $50m, had raised $30m.

“We have divided the world into the four quadrants we believe will best help startups: platforms, media companies, commerce companies and brands, and payments companies.

“We have investors from most major web platforms, top brands and strategic private equity executives who touch these categories, which is extremely helpful to our portfolio companies as they tap into expertise in business development, sales, product, engineering and hiring.”

Metamorphic also expanded its advisory board by adding new members including Google’s vice president of sales John McAteer, vice president of media at Unilever Rob Master and chief store officer at Macy’s Peter Sachse.

Copyright © 2014 AltAssets